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Unlocking Opportunities in the Smart Highway Market: 2025-2034 Forecast Report
Smart Highway
What Will the Smart Highway Industry Market Size Be by 2025?
The smart highway industry has seen a rapid surge in its size in the last few years. An upturn from $42.91 billion in 2024 to $49.77 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 16.0%, is predicted. The upward trajectory during the historic period is tied to factors such as the swelling urban populace, intensifying traffic gridlock, escalating environmental issues, enhancements in safety, and public sector investments and strategies for infrastructural expansion.
What's the Long-Term Growth Forecast for the Smart Highway Market Size Through 2029?
The market size for smart highways is projected to experience a swift expansion in the forthcoming years. A compound annual growth rate (CAGR) of 15.3% is expected to propel its value to $88.04 billion by the year 2029. The factors contributing to this robust growth during the forecast period include the adoption of connected and autonomous vehicles (CAVs), the integration of renewable energy, sustainability, the inclusion of emergency response systems, and technological innovations. Notable trends during the forecast period will encompass connected vehicle technology, solar-powered roadways, dynamically marked roads, environmentally friendly materials as well as road electrification.
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What Are the Key Growth Drivers Fueling the Smart Highway Market Expansion?
The progression of smart cities is propelling the smart highway market. A smart city is an evolved metropolitan region that is exceptional in various crucial sectors such as economy, mobility, environment, populace, lifestyle, and governance resulting in stable economic progress and impressive standard of living. Due to burgeoning urbanization and population growth, worldwide governments are constructing smart cities to enhance economic advancement and uplift the living standards of their denizens. To this end, the government is undertaking expansive projects for the advancement of smart urban roads, improved water supply, wastewater management facilities, and more. In April 2022, the U.S. federal government initiated the Strengthening Mobility and Revolutionizing Transportation (SMART) grant scheme. The SMART grant, which allotted $500 million to smart city ventures, is a significant scheme that backs and promotes the evolution of eco-friendly and intelligent transportation solutions in smart cities. Consequently, the on-going development of smart cities is anticipated to stimulate the need for smart highways during the estimated period.
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What Are the Key Trends Driving Smart Highway Market Growth?
Major firms participating in the smart highway market are increasingly adopting cloud-based solutions to improve their revenue streams. Such solutions use cloud computing to efficiently manage and enhance traffic, infrastructure, and highway services, consequently increasing safety, efficiency, and environmental sustainability. To illustrate, in February 2024, Huawei, a technology giant from China, introduced the Intelligent Transportation System 2.0 (ITS 2.0). The ITS 2.0 leverages software-defined cameras, radar-incorporated cameras, edge computing, and big data for intelligent traffic incident detection, signal control optimization, and traffic situation analysis. Such smart application led to a substantial 15% enhancement in overall traffic efficiency.
How Is the Smart Highway Market Segmented?
The smart highway market covered in this report is segmented -
1) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
2) By Component: Hardware, Software, Services
3) By Deployment Mode: On-Premise, Cloud
Subsegments:
1) By Intelligent Transportation Management System: Traffic Signal Control Systems, Traffic Flow Optimization Systems, Incident Detection and Response Systems
2) By Intelligent Management System: Smart Parking Management Systems, Fleet Management Systems, Roadway Asset Management Systems
3) By Communication System: Vehicle-to-Infrastructure Communication, Dedicated Short-Range Communications (DSRC), 5G Communication Systems
4) By Monitoring System: Real-Time Traffic Monitoring Systems, Environmental Monitoring Systems, Road Condition Monitoring Systems
5) By Other Technologies: Automated Toll Collection Systems, Smart Lighting Systems, Integrated Transportation Solutions
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Which Companies Are Leading the Charge in Smart Highway Market Innovation?
Major companies operating in the smart highway market include Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., LG Electronics Inc., Schneider Electric SE, Alcatel-Lucent Enterprise, Indra Sistemas SA, Infineon Technologies AG, HAAS Alert, Miovision, RoadBotics Inc., Tevva Motors, Urban DK, WiTricity Corporation, Upstream Security, Prisma Photonics, Siemens AG, Xerox Corporation, Kapsch AG, Intelligent Highway Solutions Inc., Vodafone Group PLC, Indra Philippines, Kapsch TrafficCom AG, Panasonic Corporation, Samsung Electronics Co. Ltd., Cubic Corporation, Swarco AG, Traffic Tech Gulf LLC, TransCore LP, Iteris Inc., Clearview Intelligence Ltd., Sensys Gatso Group AB, Vaisala Oyj
Which Regions Are Leading the Global Smart Highway Market in Revenue?
North America was the largest region in the smart highway market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart highway market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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